AW-Energy Oy, the Finnish developer of systems that generate power from the motion of waves, raised $9 million from investors including the country’s biggest utility Fortum Oyj to commercialize its technology.
Sitra, an innovation fund that reports to the Finnish parliament and Tekes, the national technology-investment agency, also participated in the financing round, AW-Energy said today in a statement.
AW-Energy, based in Vantaa, is seeking to commercialize its WaveRoller device, which is affixed to the sea floor and generates power as waves move a panel back and forth.
The company installed three WaveRoller units in a pilot project off the coast of Portugal in August. The 5.4 million euro-project ($6.8 million) has capacity of 300 kilowatts and received 3 million euros of European Union funding.